Question: I earned 2500$ from renting my car on Turo this year. It's a 2007.

I'd say it was on the road for 90 days, accounting for about 12 000 km of the 20 000 km that my car was used for this year.

I'd like to know how I can deduct expenses. What can I claim? 60% of total expenses based on km or 25% based on days out?

Figuring out my total cost for repair bill, insurance and licensing is easy, but claim Idepreciation as well? If so, how can I do calculate it?

For the other expenses, it is a percentage of business use kms divided by total km for the year. So don't worry about the 90 days.

As an aside though, for 12000km that doesn't sound worthwhile. That 2500 would probably be zero by the time you pay for insurance alone. Or is that 2500 profit after all expenses? If so, make sure you claim your actual gross on your taxes. Then put your deductions in.

As an aside though, for 12000km that doesn't sound worthwhile. That 2500 would probably be zero by the time you pay for insurance alone. Or is that 2500 profit after all expenses? If so, make sure you claim your actual gross on your taxes. Then put your deductions in.

Hi Don,
I tend to agree with you that it wasnt really worth the effort.

I probably overstated the km, as I assumed that everyone who rented for me used most their km/day rental. The actual figure is probably closer to 8 or 10 000km.

That being said, my cost of ownership for the full year was probably lower than you expect. I'm in Quebec and only insure for 1M liability for ~ 250$ per year. Licensing is another 250$. Repairs for the year, 1500$. Depreciation of my 4000$ car.. maybe 1000 $ ? Total cost of ownership: 3000$. Some repairs were age-related (rusted out part) rather than mileage-related, too.

Substracting the 2500$ the car owned during the Summer, I paid 500$ to own my car over the year. This is great because I only use this car during the Summer.

Hi Don,
I tend to agree with you that it wasnt really worth the effort.

I probably overstated the km, as I assumed that everyone who rented for me used most their km/day rental. The actual figure is probably closer to 8 or 10 000km.

That being said, my cost of ownership for the full year was probably lower than you expect. I'm in Quebec and only insure for 1M liability for ~ 250$ per year. Licensing is another 250$. Repairs for the year, 1500$. Depreciation of my 4000$ car.. maybe 1000 $ ? Total cost of ownership: 3000$. Some repairs were age-related (rusted out part) rather than mileage-related, too.

Substracting the 2500$ the car owned during the Summer, I paid 500$ to own my car over the year. This is great because I only use this car during the Summer.

OK. Make sure you have a good log book for tracking the kms. If the CRA asks, they will want to see that.

I know insurance varies a lot by province, but I am surprised that it is only $250 more to insure for that kind of business use. I guess it relies on the renters insurance so maybe it makes sense.

OK. Make sure you have a good log book for tracking the kms. If the CRA asks, they will want to see that.

I know insurance varies a lot by province, but I am surprised that it is only $250 more to insure for that kind of business use. I guess it relies on the renters insurance so maybe it makes sense.

The total yearly cost for insuring my car for personal use is 250$. There is no additionnal cost to insure it as a rental on Turo: it is turo's company insurance that provides coverage during those days (at the renters expense). You just have to "tell your insurer you rent on Turo", I know Intact allows it, maybe others.

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If you received EI in 2017 but had to repay the full amount in 2018, do include the EI income in 2017 and deduct the repayment in 2018 or adjust both on the filing of the 2017 return? As you are required to repay the EI. Thanks.

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